China's market watchdog vows stable business environment

BEIJING -- China will ensure a more stable business environment next year for all types of market entities, said Zhang Gong, head of the State Administration for Market Regulation.

While paying closer attention to market entities' performance and needs, market regulators will improve policy accuracy and effectiveness to help market entities cope with pressure and better support their sound development, Zhang said in a recent interview with Xinhua.

The country will also step up efforts to create a fair, transparent and stable institutional environment for all market entities, according to Zhang.

On innovating regulatory measures, Zhang noted that China will ensure its market entry and licensing rules are streamlined, efficient and fair, provide more convenient services for market entities, and reduce administrative costs for transactions.

Credit regulation or smart regulation will be put into wider use to help regulatory measures adapt better to the rapid expansion of the domestic market, Zhang said.

"Policies or measures for improving the business environment and bolstering market entities must be formulated and implemented as soon as possible," Zhang said, calling for a tougher crackdown on irregularities that disrupt market security and industrial chains.

Data from the administration showed that the number of market entities of all types has exceeded 150 million in China, with around 70 percent of them running actively.